Six Flags Entertainment has achieved record revenues of $129m for the first quarter of 2018, an increase of $29m or 30% on the same period the previous year.
The revenue growth is being attributed to a 27% increase in visitors to Six Flags parks, as well as the success of the operator’s pricing strategy and international licensing programme.
Attendance at Six Flags properties grew by 500,000 to 2.4 million guests for the quarter. The increase was driven by additional operating days for several parks. Six Flags Magic Mountain is now open year-round and Hurricane Harbor Mexico was open for the first quarter of 2018 but not 2017.
“We are firing on all cylinders as we made excellent progress in the quarter against each of our five growth initiatives,” said Jim Reid-Anderson, chairman and CEO of Six Flags.
“With our record-high Active Pass Base, ongoing price increases across all ticket and culinary programs, growing dining pass penetration, new water park openings and new international licensing agreements, we are poised to deliver another record year of financial performance in 2018.”
While revenues were at record highs, Six Flags still had a net loss of $62m for the quarter as the majority of its parks were not open during the winter season. The company also invested $42m in new capital projects in the first quarter.
Earlier today, it emerged that Six Flags is developing three new parks in China. The operator has again partnered real estate firm Riverside Investment Group to build a new theme park, water park and adventure park in Nanjing, the capital of Jiangsu province.
The two companies are already working together on two theme park developments in China – Six Flags Zhejiang and Six Flags Chongqing.
Six Flags also recently signed a deal with Saudi Arabia’s sovereign wealth fund to develop a theme park in Qiddiya, the entertainment city under construction outside of Riyadh.
